Latest Ratios: P/E Ratio 7.1x · EV/EBITDA 2.5x · ROE 37.8%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $2.5B | $1.5B | $965M | $349M | $717M | $507M | $467M | $401M | $256M | $429M |
| Enterprise Value | $1.1B | $1.3B | $1.1B | $639M | $327M | $151M | $260M | $412M | $412M | $238M | $288M |
| P/E Ratio → | 7.11 | 7.71 | 13.11 | 11.47 | — | 397.81 | 14.99 | 13.79 | 22.58 | — | 13.52 |
| P/S Ratio | 2.51 | 2.74 | 1.97 | 1.75 | 0.71 | 1.78 | 1.84 | 1.94 | 1.73 | 1.05 | 1.66 |
| P/B Ratio | 2.04 | 2.22 | 3.15 | 2.28 | 1.37 | 1.73 | 2.52 | 2.52 | 2.21 | 1.32 | 1.76 |
| P/FCF | 5.08 | 5.56 | 4.51 | 4.31 | — | 7.69 | 7.15 | 9.14 | 15.43 | 19.03 | 4.93 |
| P/OCF | 5.05 | 5.53 | 4.46 | 4.18 | — | 7.43 | 6.56 | 8.65 | 14.03 | 15.58 | 4.88 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.47 | 1.51 | 1.16 | 0.66 | 0.37 | 0.94 | 1.71 | 1.78 | 0.97 | 1.11 |
| EV / EBITDA | 2.53 | 3.01 | 6.37 | 5.08 | — | 8.97 | 5.69 | 9.15 | 10.87 | — | 5.50 |
| EV / EBIT | 2.60 | 3.03 | 6.06 | 4.96 | — | 8.58 | 5.36 | 8.41 | 9.15 | 208.08 | 4.96 |
| EV / FCF | — | 2.99 | 3.45 | 2.85 | — | 1.62 | 3.67 | 8.06 | 15.84 | 17.68 | 3.30 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.2% | 73.2% | 36.7% | 37.2% | 3.2% | 20.2% | 22.4% | 37.9% | 35.9% | 16.0% | 35.2% |
| Operating Margin | 47.7% | 47.7% | 23.1% | 21.4% | -13.9% | 2.8% | 13.4% | 15.0% | 11.6% | -6.4% | 18.1% |
| Net Profit Margin | 33.2% | 33.2% | 14.7% | 14.4% | -11.9% | 0.5% | 10.0% | 11.0% | 7.7% | -2.8% | 11.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 37.8% | 37.8% | 24.6% | 23.3% | -17.5% | 0.6% | 14.3% | 14.5% | 9.4% | -3.1% | 12.1% |
| ROA | 12.6% | 12.6% | 5.4% | 4.4% | -3.9% | 0.2% | 3.2% | 3.2% | 2.1% | -0.9% | 4.4% |
| ROIC | 675.0% | 675.0% | 118.4% | 53.6% | -127.4% | — | 65.7% | 16.8% | 11.0% | -8.4% | 34.9% |
| ROCE | 40.6% | 40.6% | 8.6% | 7.1% | -4.7% | 1.1% | 4.2% | 4.4% | 3.4% | -2.2% | 7.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.40 | 0.50 | 0.83 | 0.15 | 0.92 | 0.94 | 1.38 | 1.23 | 0.57 |
| Debt / EBITDA | 0.15 | 0.15 | 1.05 | 1.67 | — | 3.74 | 4.03 | 3.86 | 6.60 | — | 2.66 |
| Net Debt / Equity | — | -1.02 | -0.74 | -0.77 | -0.09 | -1.37 | -1.23 | -0.30 | 0.06 | -0.09 | -0.58 |
| Net Debt / EBITDA | -2.59 | -2.59 | -1.95 | -2.60 | — | -33.74 | -5.41 | -1.23 | 0.28 | — | -2.71 |
| Debt / FCF | — | -2.57 | -1.06 | -1.46 | — | -6.08 | -3.49 | -1.08 | 0.41 | -1.34 | -1.63 |
| Interest Coverage | 47.89 | 47.89 | 13.99 | 11.58 | -7.95 | 2.78 | 4.19 | 3.80 | 2.49 | 0.07 | 5.23 |
Net cash position: cash ($1.2B) exceeds total debt ($68M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.24 | 1.24 | — | 2.90 | 54.45 | — | — | — | 45366.93 | 0.98 | 136.14 |
| Quick Ratio | 1.24 | 1.24 | — | 7.35 | 74.37 | — | — | — | 72269.86 | 11.35 | 252.85 |
| Cash Ratio | 0.94 | 0.94 | — | 2.60 | 26.65 | — | — | — | 34904.29 | 6.14 | 151.73 |
| Asset Turnover | — | 0.36 | 0.34 | 0.30 | 0.27 | 0.34 | 0.29 | 0.30 | 0.28 | 0.29 | 0.39 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 0.8% | 1.1% | 1.4% | 4.4% | 2.0% | 2.5% | 2.8% | 2.8% | 5.4% | 2.9% |
| Payout Ratio | 6.5% | 6.5% | 15.1% | 17.4% | — | 757.8% | 46.0% | 49.0% | 63.9% | — | 42.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.1% | 13.0% | 7.6% | 8.7% | — | 0.3% | 6.7% | 7.3% | 4.4% | — | 7.4% |
| FCF Yield | 19.7% | 18.0% | 22.2% | 23.2% | — | 13.0% | 14.0% | 10.9% | 6.5% | 5.3% | 20.3% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.1% | 25.3% | 0.2% | 1.3% | 4.3% | 5.3% | 17.9% | 4.8% |
| Total Shareholder Yield | 0.9% | 0.8% | 1.2% | 1.5% | 29.7% | 2.1% | 3.8% | 7.1% | 8.1% | 23.4% | 7.7% |
| Shares Outstanding | — | $13M | $13M | $11M | $9M | $9M | $10M | $10M | $8M | $9M | $11M |
Includes 30+ ratios · 19 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HCI stock.
HCI Group, Inc.'s current P/E ratio is 7.1x. The historical average is 10.1x. This places it at the 33th percentile of its historical range.
HCI Group, Inc.'s current EV/EBITDA is 2.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.4x.
HCI Group, Inc.'s return on equity (ROE) is 37.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 19.7%.
Based on historical data, HCI Group, Inc. is trading at a P/E of 7.1x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
HCI Group, Inc.'s current dividend yield is 0.85% with a payout ratio of 6.5%.
HCI Group, Inc. has 73.2% gross margin and 47.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
HCI Group, Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Geographic concentration and expansion risk
Metrics are mathematically derived from official filings.
Underwriting Margins at Historic Highs
HCI's combined ratio improved to 55.0% in 2026Q2 from 63.2% a year earlier, driven by a sharp drop in loss ratio to 28.8%, as reported in the latest quarterly data.
The combined ratio of 55.0% in 2026Q2 is exceptionally low, with the loss ratio at 28.8% and expense ratio at 26.2%. This reflects a favorable loss environment and disciplined expense management, but the sustainability is questionable given the historical volatility in Florida's catastrophe-exposed market. The prior year's loss ratio of 85.7% in 2024Q4 highlights the potential for significant swings, suggesting that current margins may be flattered by benign weather and reserve releases.
ROE Decomposition: Underwriting Dominates
ROE of 6.3% in 2026Q2 is down from 13.8% in 2025Q1, but underwriting margins of 45.0% remain strong, as per the quarterly ratio data.
The decomposition of ROE shows that underwriting profitability is the primary driver, with investment income playing a secondary role. The 45.0% underwriting margin in 2026Q2 is extraordinary, but ROE has declined from the 13.8% peak in 2025Q1, partly due to a larger equity base. The low loss ratio suggests that underwriting profits are likely to normalize as reserve releases fade and catastrophe losses occur, which could compress ROE toward more sustainable levels.
Expense Ratio Volatility Raises Questions
HCI's expense ratio swung from 12.9% in 2025Q3 to 26.2% in 2026Q2, according to the quarterly data, indicating a shift in cost structure.
The expense ratio has been volatile, with a low of 12.9% in 2025Q3 and a high of 26.2% in 2026Q2. This may reflect changes in commission structures, policy acquisition costs, or the impact of scaling the TypTap subsidiary. While the combined ratio remains low, the rising expense ratio could indicate that HCI is investing in growth initiatives or facing higher customer acquisition costs, which may pressure future margins if not offset by premium growth.
Underwriting Leverage Declines with Capital Growth
HCI's premium-to-surplus ratio appears to have declined as equity surged to $1.1B, with D/E at 0.06, based on the latest balance sheet data.
The rapid expansion of equity, from $395.7M in 2024Q1 to $1.1B in 2026Q2, has reduced underwriting leverage, providing a larger capital buffer against catastrophe losses. The minimal debt of 0.06 D/E suggests a fortress balance sheet, but the low leverage may also indicate that HCI is not fully utilizing its capital to generate returns. Investors should monitor whether the company deploys this capital into growth opportunities or returns it to shareholders.
Premium Valuation vs. Florida Peers
HCI trades at a P/B of 2.13, in line with Heritage's 2.08, but its ROE of 6.3% is far below Heritage's 42.4%, according to peer data.
Despite a similar P/B, HCI's ROE is significantly lower than Heritage's, which may reflect differences in underwriting cycles or capital structure. HCI's premium valuation relative to its ROE suggests that the market is pricing in future growth from its technology and diversification, but the current profitability does not justify the multiple. The forward P/E of 10.35 implies expectations of earnings growth, which may be optimistic given the cyclicality of Florida's insurance market.
Combined Ratio Misleads Without Reserve Adjustments
The combined ratio of 55.0% in 2026Q2 may be flattered by reserve releases, as evidenced by the loss ratio drop from 85.7% in 2024Q4, according to reported data.
The most commonly misapplied ratio for insurers is the combined ratio, which can be distorted by reserve development. HCI's loss ratio has fallen dramatically, but this may be due to favorable prior-year reserve releases rather than current-year underwriting performance. Analysts should adjust for reserve development to assess the true underwriting margin. Additionally, the P/E ratio is volatile due to catastrophe losses, making P/B a more stable valuation metric for insurers.